Morgan Stanley
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets. -
Kommunalbanken showed “the resilience of the dollar SSA market” as it printed a $1.5bn October 2021 Reg S/144A benchmark around its secondary level amid global market volatility on Thursday, said SSA bankers away from the deal.
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Dafa Properties Group raised HK$840m ($107.2m) when it priced a Hong Kong IPO a few cents above the middle of the marketed range this week.
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China’s Niu Technologies has launched bookbuilding for a $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources said they did not expect the trade to be a blowout.
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SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.
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Studio City International Holdings launched its $359.4m New York Stock Exchange listing on Wednesday, in a deal heavily anchored by its controlling shareholders.
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Canaan, the world’s second largest maker of cryptocurrency mining equipment, is in a waiting game with the Hong Kong bourse for its IPO to be approved.
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Turbulence in China’s equities and bond markets forced Shimao Property Holdings to cull one portion of a dual-tranche dollar bond deal this week as investors shied away from the longer tenor.
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Weidai, a Chinese peer-to-peer lender, started drumming up interest for a possible $100m IPO on the New York Stock Exchange on Monday.
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Chinese stock markets led the decline among all major Asian indices on Monday, as woes in the region’s bond market also continued. Debt issuers aiming to kick off their deals this week have their work cut out for them.
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The Development Bank of Mongolia is ready to return to the dollar bond market after a six year hiatus.
